Millennium HealthCare Signs Letter of Intent to Acquire Practice Management Company Specializing in Cardiovascular Services
SYOSSET, N.Y., Nov. 16, 2011 /PRNewswire/ -- Millennium HealthCare Inc. (OTC Pink: MHCC) signed a Letter of Intent to acquire Premier Healthcare Resources, LLC, which manages Heartbeat Medical, PC, one of the largest Cardiovascular Groups in the New York area. With over 30 locations, the strategy of Premier is to bring cardiology services into the doctors' practices, thereby increasing their revenues and providing continuity of care for the patient under one roof. Premier Healthcare Resources has been in operation since 2009, and its managed offices currently see approximately 100 patients per day. Cardiovascular Services include all clinically non-invasive and invasive services.
Richard DeMaio, President of Premier Healthcare Resources commented, "My entire executive team has worked closely with Millennium over the past two months and looks forward to collaborating together. We believe an attractive blue print has been drawn for our combined companies. The recent announcement of Millennium Vascular Management Group developing its first Vascular AMB-SURG Center fits perfectly into our existing business model, and affords additional expansion opportunities for both companies. The expanded suite of services including ProComm and Billing & Coding will enhance our overall ability to service our network of offices in the most cost effective and efficient manner while creating additional revenue streams."
Millennium President Chris Amandola added, "Since our negotiations began in early September, our Management team and Premier have been envisioning a plan for the combination of our companies. Premier's healthcare practice management business, specializing in Cardiovascular Services with a network of over 30 managed offices, offer an incredible opportunity for Millennium and Premier to accelerate each other's growth plans. This combination would give both entities the ability to rapidly expand managed offices both in state and out of state."
About Millennium HealthCare Inc.
Millennium HealthCare Inc. provides physician practices and healthcare facilities of all sizes with the information and tools to identify and resolve operational cost inefficiencies, practice development & management services along with cash-flow enhancement strategies through our subsidiaries listed below:
Millennium Vascular Management Group offers physician practice development and management services to AMB-SURG facilities & physician practices with a focus on vascular disorders.
Millennium Coding & Billing Inc. offers all aspects of medical billing along with medical diagnosis and procedure coding and training for ICD-10. Our Clinical Documentation Improvement Program Services include concurrent and retrospective CDI Reviews, DRG Validation Services and secure remote and on-site coding.
Millennium ProComm Solutions Inc. provides 24 hour/365 day HIPAA compliant full service call processing for physicians, hospitals, home care agencies, nursing homes and other service companies and professionals.
Millennium Medical Devices LLC researches, develops and seeks patents for innovative safety medical devices and equipment.
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Certain written and oral statements made by us may constitute "forward‐looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.
SOURCE Millennium HealthCare Inc.
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